6 September 12 10:13–The Myra 1 well’s Israeli partners – Israel Land Development Company Energy Ltd. (TASE: IE), Modiin Energy LP (TASE:MDIN.L), and IPC Oil and Gas Holdings Ltd. (IPC) (TASE: IPC) – have notified the TASE that no substantial signs of petroleum have been found. They said that well operator GeoGlobal Resources (India) Ltd. reached the final target strata at a depth of 5,200 meters and that logging while drilling tests during the drilling found that the high-quality sands at the Miocene-era strata were saturated with water.
The companies added that, at this stage, no drilling to oil-bearing strata has been carried out. At GGR’s advice, the companies decided to conduct wire line logging, at a cost of $1.7 million, next week. Immediately after completing the logging, the rig will move to the site of the Sarah 1 well and begin drilling…Read More>>